Google Wallet debuts, promises a wallet-free future

First there was cash, and then came the plastic money and soon we will have mobile apps like Google Wallet replacing all this. Obviously not so fast, but it is the future.

Google today at its New York office gave media a sneak peek into its upcoming mobile payment service and app Google Wallet. In simple words, Google Wallet makes your phone your wallet. It stores your credit card information, pre-paid card information and it pays from that when required, so you never need to have your credit card handy.

How does all the paying work, well it uses Near Field Communication, which we have been hearing more and more about since the launch of Nexus S – the first Android phone to come with built-in NFC hardware and yes, Nexus S will also be the first phone, which will let you use Google Wallet. Not all Nexus S devices will get the Wallet feature. In the beginning, Google is making Wallet compatible only with Sprint Nexus S 4G and soon the support will be rolled out to more devices.

Google Wallet can store credit cards, offers, loyalty cards and gift cards and when you tap to pay; your phone will also automatically redeem offers and earn loyalty points for you.

Right now, Google has partnered with Citi Group and Mastercard, so only Citi Mastercard will work with the app, but company is surely going to add more support. You’ll be able to tap your phone to pay wherever MasterCard PayPass is accepted.

“Today, we’ve joined with leaders in the industry to build the next generation of mobile commerce. With Citi, MasterCard, First Data and Sprint we’re building an open commerce ecosystem that for the first time will make it possible for you to pay with an NFC wallet and redeem consumer promotions all in one tap, while shopping offline,” said Stephanie Tilenius, vice president, commerce and payments, Google.